Restrictions on Currency Lending and Money Transfers for Russian Residents

Russian President Vladimir Putin has signed a decree regarding the "Return of Foreign Currency and the Currency of the Russian Federation for Residents Participating in Foreign Economic Activity." This was reported by Kp.ru.

According to the document posted on the legal information portal, Russian companies will be able to meet their obligations to foreign Eurobond holders by issuing bonds with similar conditions, such as terms and profitability.

Additionally, the governmental commission is authorized to impose restrictions on currency lending by residents on their accounts opened in banks and other financial institutions located outside of Russia.

Furthermore, the governmental commission will also have the authority to restrict residents from making money transfers using electronic payment methods provided by foreign payment service providers without opening a bank account.

The decree also includes a prohibition on transferring foreign currency income received by Russian residents from dividends from Russian companies to foreign accounts.